Thursday, August 9, 2018

The Unintended Consequence of a Yacht Untied

When Betsy Devos' luxury yacht was untied the other day, most people viewed it as a political prank. But now it appears that the event opened up an unfortunate Pandora's Box for Mrs Devos.

Apparently, according to Newsweek, the yacht is not registered in the United States, but in Cayman Islands, means that the owner of the yacht may characterize himself or herself as a foreigner to make use of a tax exemption.